Risk on Chinese demand

Brent prompt contract reached 56 $/b on Friday close for Brent prompt contract thanks to the aggressive Saudi production cut announced last Tuesday. Prices retreated to 55.2 $/b on early Monday as mounting coronavirus cases in China led to lockdowns in regions near Beijing, casting doubt on the future Chinese demand growth if reported cases were to skyrocket. Furthermore, European countries are moving toward more stringent policies for fighting the pandemic, as the new strain of coronavirus challenges European recovery. Middle-eastern producers moved toward a more aggressive pricing policy, taking advantage of Saudi production cuts. Kazakhstan’s production compliance was marginally below target, at 96%, in December.

UK daily fuel sales
Share this news :

You might also read :

October 25, 2021

Mixed price evolution

European gas prices were mixed on Friday. Spot prices were slightly up, supported by below-normal temperatures. By contrast, curve prices were slightly down as the…
May 3, 2022

Another day of reversing market

Oil prices went up yesterday: on NYMEX, WTI front month gained less than 0.1%, ending at $105.17/b. On ICE, Brent price was +0.4% up to…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter
Thank you for subscribing to our newsletter​

We will get back in touch with you soon.

Don’t forget to follow us on twitter!

EnergyScan - Newsletter subscription

Don’t have an account yet?